Already enthusiastic on Bitcoin price and other cryptos, venture capitalists predict the alpha coin will reach $500,000 in 2024.
One of them is the CEO of Galaxy Digital Holdings, Mike Novogratz, who believes that before Bitcoin reaches the coveted half-million dollar mark, it will first recapture or surpass the $30,000 level by the end of March this year.
Bitcoin climbed to its highest level since August on Wednesday, advancing for a second day as a reduction in risk aversion helps to alleviate anxieties about an intensifying regulatory campaign by U.S. authorities.
Bitcoin Price Approaches $25K
At the time of writing Thursday, Bitcoin was trading at $24,606, up 7.2% in the last seven days, data by Coingecko shows.
Novogratz’s most recent Bitcoin price forecast is a far cry from the $500,000 he originally forecasted for the crypto asset, but is still nearly a quarter higher than its current price.
The Galaxy CEO once predicted that Bitcoin price would reach that level by the end of 2024 if the US Federal Reserve kept raising interest rates.
“When I look at the price action, when I look at the excitement of the customers calling, the FOMO building up, it wouldn’t surprise me if we were at $30,000 by the end of the quarter,” Novogratz said.
“It wouldn’t surprise me if we were at $30,000 by the end of the quarter,” Galaxy Digital CEO Mike Novogratz said https://t.co/8ngwzbiQKJ
— Bloomberg Crypto (@crypto) February 15, 2023
Crypto In The Greed Zone
In response to the increasing regulatory inspection by the US Securities and Exchange Commission and other regulators, bitcoin’s price has fallen from over $24,000 to $21,500 during the past few weeks. Then followed the data from the US Consumer Price Index, after which Bitcoin fell under $21,500.
The market sentiment has strengthened as a result of Bitcoin’s most recent significant movement in the midst of the US’ regulatory battle over cryptocurrencies. Now, the Bitcoin Fear and Greed Index is recording a value of 62, solidly in the Greed zone.
Bitcoin Fear and Greed Index is 62 ~ Greed
Current price: $24,304 pic.twitter.com/zbGEVo6wMq— Bitcoin Fear and Greed Index (@BitcoinFear) February 16, 2023
The price of bitcoin has risen to levels not seen since mid-June, marking a new high point for trading activity over the past eight months. In addition, it has regained all of its February losses and surpassed its all-time high set before FTX’s collapse.
Other Bitcoin Proponents See King Crypto Registering Record Highs
Robert Kiyosaki, the renowned author of the best-selling book Rich Dad Poor Dad, has also claimed that Bitcoin price will reach $500,000 by 2025. In the same time frame, he anticipates gold to reach $5,000 and silver to reach $500.
Crypto total market cap at $1 trillion on the daily chart | Chart: TradingView.com
Michael Saylor, former CEO of MicroStrategy, said that Bitcoin price might reach $65,000 within four years. From there, he believes the value of the cryptocurrency might reach $500,000 within the next 10 years.
Investment management firm Ark Invest has a more fearless forecast for Bitcoin: it will become a multitrillion-dollar market and could reach a value of $1.4 million per coin.
Meanwhile, the market capitalization of all cryptocurrencies has increased by almost $100 billion over the previous 24 hours and is currently well beyond $1 trillion.
-Featured image from Stars and Stripes